Hi,
I have a home in one City and its under construction. I will be completed in May 09.
I am staying in my own house for which we dont have any loan.
Can I claim the housing loan for house which is under construction?
Madhuri (engineer) (30 Points)
27 January 2009Hi,
I have a home in one City and its under construction. I will be completed in May 09.
I am staying in my own house for which we dont have any loan.
Can I claim the housing loan for house which is under construction?
CA Biswaranjan
(job)
(149 Points)
Replied 27 January 2009
yes u can claim deduction as it is a interest on pre construction period
as ur home will be completed on may 09 (assuming u ve not repaid any instalment )
Any interest upto 31.03.2009 will be treated as pre construction interest and u can claim deduction in 5 equal sums starting from the AY 2010-2011.
CA Biswaranjan
(job)
(149 Points)
Replied 27 January 2009
u can claim deduction as it is a pre construction perid
Any interest up to 31.03.2009 will be allowed as deduction in 5 equal instalments starting from the AY 2010-11
and any interest for the current year from FY 2009-10 (AY 2010-11) will be allowed as deduction in the same year.
CAclubindia
